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SAC Capital on course to complete rebranding by mid-March

SAC Capital Advisors is expected to rebrand itself and unveil a new corporate structure by mid-March, as Steven A. Cohen’s 22-year-old hedge fund completes its transition into a family office as part of an agreement it struck last November with US prosecutors after pleading guilty to criminal insider trading charges.

SAC has decided to condense its three stock trading arms - SAC Capital, CR Intrinsic and Sigma Capital - into two new legal entities, one of which will also serve as the parent company, employing the firm’s corporate staff and Cohen, sources told The New York Times.

Cohen, SAC’s owner and founder, will remain chief executive of the new, yet-to-be-titled business, which will manage his estimated $9bn fortune as well as employee money.

Meanwhile, Deutsche Bank, one of SAC’s lenders and trading partners, is believed to have severed its relationship with the alternative investment firm in recent weeks, citing the “reputational risk” of dealing with SAC.